110 STAT. 3430 PUBLIC LAW 104-290—OCT. 11, 1996 insurance company of such account, to sell any such contract unless— "(A) such contract is a redeemable security; and "(B) the insurance company complies with section 26(e) and any rules or regulations issued by the Commission under section 26(e).". SEC. 206. REPORTS TO THE COMMISSION AND SHAREHOLDERS. Section 30 of the Investment Company Act of 1940 (15 U.S.C. 80a-29) is amended— (1) in subsection (b), by striking paragraph (1) and inserting the following: "(1) such information, documents, and reports (other than financial statements), as the Commission may require to keep reasonably current the information and documents contained in the registration statement of such company filed under this title;"; (2) by redesignating subsections (c), (d), (e), and (f) as subsections (d), (e), (g), and (h), respectively; (3) by inserting after subsection (b) the following new subsection: "(c)(1) The Commission shall take such action as it deems necessary or appropriate, consistent with the public interest and the protection of investors, to avoid unnecessary reporting by, and minimize the compliance burdens on, registered investment companies and their affiliated persons in exercising its authority— "(A) under subsection (f); and "(B) under subsection (b)(1), if the Commission requires the filing of information, documents, and reports under that subsection on a basis more frequently than semiannually. "(2) Action taken by the Commission under paragraph (1) shall include considering, and requesting public comment on— "(A) feasible alternatives that minimize the reporting burdens on registered investment companies; and "(B) the utility of such information, documents, and reports to the Commission in relation to the costs to registered investment companies and their affiliated persons of providing such information, documents, and reports."; (4) by inserting after subsection (e) (as redesignated by paragraph (2) of this section), the following new subsection: "(f) The Commission may, by rule, require that semiannual reports containing the information set forth in subsection (e) include such other information as the Commission deems necessary or appropriate in the public interest or for the protection of investors."; and (5) in subsection (g) (as redesignated by paragraph (2) of this section), by striking "subsections (a) and (d)" and inserting "subsections (a) and (e)". SEC. 207. BOOKS, RECORDS, AND INSPECTIONS. Section 31 of the Investment Company Act of 1940 (15 U.S.C. 80a-30) is amended— (1) by striking subsections (a) and (b) and inserting the following: "(a) MAINTENANCE OF RECORDS. — "(1) IN GENERAL.— Each registered investment company, and each underwriter, broker, dealer, or investment adviser that is a majority-owned subsidiary of such a company, shall
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